Miami continues to make headlines with some of the most expensive development site sales in the country. The latest record-breaking transaction involves Oak Row Equities and Vlad Doronin’s OKO Group, who paid $520 million for a prime bayfront property in Brickell, setting a new benchmark for Miami—and likely Florida—development site deals.
The December 2025 sale highlights Brickell’s reputation as a resilient real estate hub. While many areas of South Florida and the broader U.S. face high interest rates, rising construction costs, and elevated insurance premiums, Brickell remains a magnet for developers and investors, fueled by strong demand from out-of-state buyers and a boom in luxury residential and commercial projects.
Brickell: Miami’s Hotspot for High-Value Land Sales
Over the years, Brickell has dominated the tri-county region’s top development site transactions, attracting major players in the luxury and investment real estate markets. While lenders remain cautious due to increased costs and economic uncertainty, the area’s prime location and waterfront access continue to draw attention from global investors.
OKO Group and Oak Row’s Record-Breaking Acquisition
OKO and Oak Row, with offices in Miami and New York, purchased a 4.25-acre Brickell site for $122.4 million per acre. The deal included $85 million in transferable seller financing notes, according to Aimco’s SEC filing on December 22.
The property features two income-generating assets: the 32-story Brickell Bay Office Tower (1001 Brickell Bay Drive) and the adjacent 31-story, 357-unit Yacht Club Apartments (1111 Brickell Bay Drive).
For the first phase of redevelopment, the developers plan to introduce a luxury hotel and branded condominiums, continuing Brickell’s surge in high-end, branded residences. According to Knight Frank, the tri-county region leads North America in branded residential projects, with 48 completed and 55 planned, second only to Dubai, as reported by Savills.
The site offers the potential for multiple supertall towers exceeding 3 million square feet, capped at 1,049 feet by FAA regulations, with 485 feet of Biscayne Bay frontage. CBRE’s Robert Given and Troy Ballard led the marketing for Aimco, which had listed the property for approximately $650 million amid a nationwide slowdown in multifamily markets.
Ken Griffin’s Supertall Headquarters
Before this sale, billionaire hedge funder Ken Griffin held the record for the largest South Florida development site deal. In 2022, Griffin’s affiliated entity acquired the 2.5-acre bayfront site at 1201 Brickell Bay Drive for $363 million, or $145.2 million per acre.
Griffin, who relocated Citadel and Citadel Securities’ headquarters from Chicago to Miami, plans to construct a 1,032-foot supertall tower designed by Norman Foster’s firm, with more than 1.3 million square feet of office space, including the firms’ headquarters.
The 54-story project will also feature 212 hotel keys, fine dining restaurants with 915 seats, and a 5,200-square-foot wellness and spa facility. Griffin partnered with New York-based Related Companies, led by Jeff Blau and Bruce Beal Jr., for the development.
Swire Properties’ Scrapped Office Supertall
Another notable Brickell site is the 2.8-acre property formerly planned for One Brickell City Centre by Swire Properties. Initially envisioned as a 1,000-foot office supertall with 1.4 million square feet of office space, the project was sold this year for $211.5 million to Miami-based Melo Group. Melo, led by Carlos and Martin Melo, has yet to announce development plans.
Swire’s cancellation reflects a slowdown in the post-pandemic surge of out-of-state firms leasing Miami office space, despite previously partnering with Related Companies and securing approvals for some of the city’s largest floor plates.
The Aston Martin Residences Site
Back in 2014, developers sold a 1.25-acre bayfront lot near Epic Residences & Hotel for $125 million ($100 million per acre). German Coto’s G&G Business Developments completed the 66-story Aston Martin Residences last year, a 391-unit luxury condo tower. The lot was previously owned by Spanish billionaire Amancio Ortega’s Pontegadea, Ugo Colombo’s CMC Group, and Diego Lowenstein, all of whom were involved in Miami’s early luxury residential boom.
Dubai-Based Damac Purchases Surfside Collapse Site
In 2022, Damac Properties, a luxury developer from Dubai, acquired the Surfside collapse site at 8777 Collins Avenue for $120 million. The property, where Champlain Towers South tragically collapsed in 2021, spans nearly 2 acres. Damac’s first U.S. development, Delmore, designed by Zaha Hadid Architects, will include 37 luxury units with four- to five-bedroom condos averaging over 7,000 sq. ft., with penthouses at 10,000 sq. ft. Asking prices start at $15 million.
The Miami Herald Site: The Biggest Deal That Never Closed
In 2023, a group of investors led by David Martin’s Terra had plans to acquire the 15-acre Miami Herald bayfront site for $1.2 billion, a transaction that would have set a new Florida record. The deal ultimately fell through due to requested amendments and extended due diligence.
Previously, Malaysia-based Genting Group had purchased the property for $236 million in 2011, marking a major development site sale at the time. If completed, the Terra-led deal would have translated to $77.4 million per acre, cementing its place in Miami real estate history.
Miami Development Takeaways:
- • Brickell remains South Florida’s premier development hub, attracting billion-dollar transactions and global investors.
- • Branded residences and supertall towers dominate the city’s skyline expansion.
- • Miami real estate continues to draw out-of-state and international developers, insulated from nationwide market slowdowns.
- • Waterfront and bayfront sites command premium prices, often exceeding $100 million per acre.
From record-breaking sales to high-profile projects by Ken Griffin, Swire, and OKO Group, Miami’s urban development scene remains vibrant, high-stakes, and world-class, cementing its status as a luxury investment destination.
Map: Inside Miami’s biggest dev site sales following record $520M Brickell deal →
